REPORT TO STADIUM AUTHORITY BOARD
SUBJECT
Title
Action on the Santa Clara Stadium Authority Financial Status Report for Quarter Ending December 31, 2024 and Approve Related Budget Amendments
Report
BOARD PILLARS
Ensure Compliance with Measure J and Manage Levi's(r) Stadium
Enhance Community Engagement and Transparency
BACKGROUND
In Fiscal Year 2014/15 the Stadium Authority Board ("Board") requested that staff prepare quarterly Santa Clara Stadium Authority ("Stadium Authority") Financial Status Reports. These reports provide an update on the events held at Levi's(r) Stadium, Stadium Authority finances, and the impact of Stadium Authority activity on the City of Santa Clara's ("City") General Fund.
This report provides information covering the Stadium Authority's third quarter of the 2024/25 fiscal year (FY), which ended on December 31, 2024.
The Adopted Stadium Authority Budget incorporates the estimated revenues and expenses for all Stadium Authority funds. The attached Financial Status Report provides the budget to actual revenue and expense summaries for the operating, debt service, and capital funds. Analysis of the financial activity through the fiscal year measures the adherence to the budget and allows the Stadium Authority to monitor and project revenues and expenses. Any significant variances are explained in the reports.
Additionally, staff is recommending amendments to the FY 2024/25 Stadium Authority Budget based on FY 2024/25 projected actuals reported in the proposed FY 2025/26 Operating, Debt Service, and Capital Budget. Carryover of unspent Capital Expenditure (CapEx) funds from FY 2023/24 and an increase to the CapEx budget due to unanticipated costs are also recommended.
DISCUSSION
The attached financial status report provides information covering the Stadium Authority's third quarter (October 1, 2024 - December 31, 2024) of FY 2024/25. The report summarizes National Football League ("NFL") and Non-NFL event activity at Levi's(r) Stadium...
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